Subscribe to Here’s the Deal, our politics newsletter for analysis you won’t find anywhere else.
Thank you. Please check your inbox to confirm.
Leave your feedback
With the national foreclosure rate still climbing, some chose to live in foreclosed homes while others have been the victims of "rent skimmers," people who pretend to own a foreclosed property and scam tenants out of thousands of dollars in security deposits and fees. Special Correspondent Jeffrey Kaye reports from Los Angeles.
Now, speaking of housing, here's a report from California on how some people are living in homes already in foreclosure. Special correspondent Jeffrey Kaye reports from Los Angeles.
JEFFREY KAYE, NewsHour correspondent: As a result of the explosion in home foreclosures, increasing numbers of people are living in places they have no legal right to be.
Sometimes occupants simply ignore eviction notices. That was the case here, where sheriff's deputies came with a court order to evict a Los Angeles family from a house now owned by the bank. As family members packed up a few belongings and left, bank representatives put up "No Trespassing" signs and changed the locks.
The eviction was arranged by real estate agent Stephanie Vitacco.
STEPHANIE VITACCO, real estate agent: I'm going to need you to go into the kitchen and get a big bag.
Vitacco manages and sells properties taken over by banks. Last year nationally, there were foreclosure filings on 2.3 million properties.
The crisis, exacerbated by job losses, appears to be deepening. In California last month, there was one foreclosure notice for every 165 homes.
The banks can't sell property if there's stuff or people inside, so Vitacco often spends her days driving from one house to another, making sure they're empty and secure.
This home appeared to be vacant.
It looks mostly empty.
Vitacco posted notices, but then saw a neighbor park a car on the property.
Excuse me. Do you live here?
Oh, OK. You can't park here.
No, any cars here will be towed. This is owned by the bank.
Vitacco tries to make sure the houses are locked up, but often people break in.
They take the toilets. I don't know why they take the toilets. I don't know where all the toilets go.
Support Provided By:
Additional Support Provided By: